Podcast Topic: Wes Carlson and Omar have an informal discussion on varies topics including the following highlights:
- New people discovering Bitcoin - fear and greed
- How to not get caught up in the day to day Bitcoin price movements
- Congressman claims the US has no capacity to Kill Bitcoin!
- A world denominated in Bitcoin
- Well, there is always the shock when people discover things, that are not like what they use to. The "price volatility" thing is only a complain from people that live with "perfect" behaving fiat, where their governments manipulate their national currency so as to not fluctuate too much from the others, basically a form of state intervention in the economy. Of course this is easier to pull when you have a strong economy behind backing up your moves.
There is nobody manipulating bitcoin, it floats freely in the market, therefore it fluctuates. This is actually a GOOD sign. You don't want any entity, public or not doing things behind. Should this entity fail for whatever reason, and you can kiss goodbye to your investment.
One thing people should learn about the beauty of freedom is, that someday, Bitcoin price will tend to fluctuate less and less, and when that happens (its occurring already) they can be sure it occurred naturally in the presence of all market forces. But don't expect it to magically peg itself to some other coin, that is beyond Bitcoin.
If you live in any of the countries that don't use a "perfect" fiat, you are already familiar with fluctuations and already know how to cope and live with it, unlike Dollar/Euro centrists, you may probably even enjoy how in the long run, bitcoin tendency is actually up, rather than the usual down our governments force our national currencies to fit their ill conceived budgets, rather than, oh noes; reduce spending (waste/corruption/etc). - How not to get caught? Easy, don't sell your coins. Just buy and hold. Think of bitcoin as a means of preserving value, not necessarily multiplying. Those that want to "multiply", are traders, same old profession that has existed for centuries, with stocks, bonds and other assets. Very risky, you don't need to get involved in that if you don't want, you can keep earning money the good old fashioned way.
- That congressman is right. Its good to know there are some well informed politicians out there, who knows, maybe he reads this forum...
- I hope that, sooner than later, most countries accept bitcoin. Just getting rid of exchanging into the different national coins when you travel is a giant benefit. Oh but there is more, so much more...